If you sell your goods or services through a third-party provider such as an e-commerce website, market place, subscription service or app, you might receive payments on a regular basis. These types of transactions are referred to as recurring payments and can be a hassle for some businesses. With QuickBooks Payments, small businesses can manage recurring payments effortlessly. This article covers the key things you need to know about managing recurring payments in QuickBooks Payments, from setting up your account to getting started with recurring billing.
What is QuickBooks Payments?
QuickBooks Payments is a multi-channel payment solution, which means that if your small business accepts payments on a regular basis, you should investigate this option. Using this service, you will be able to keep track of payments, manage recurring payments for customers, and do much more. You might be qualified to receive recurring payments if your products or services are sold through an online marketplace, subscription service, or mobile application. Dealing with charges made on a recurring basis might be inconvenient for certain types of businesses.
You may save time managing your company by automating recurring payments with QuickBooks Payments, which can help you avoid late fees. You do not need to be concerned about establishing a regular cycle of invoices and payment conditions if a customer only pays you once a month or once a year as this eliminates the necessity for the arrangement. Customers have the option of using their credit card or bank account to set up recurring payments when utilising QuickBooks Payments. Check out the QuickBooks Payments Fees and use them in your business.
The user is free to make their own decisions regarding the policy’s frequency, payment amount, and due date. Every purchase has the option to have additional remarks added to it. Customers who choose to make recurring payments can have their payments, transaction histories, and payment data, such as the due date for payments, inspected and handled by you. This includes the payment itself as well as the payment details themselves.
How do you set up QuickBooks Payments?
To get started, sign up for QuickBooks Payments. You’ll need to verify your account and then you can create an account. After you set up your account, you’ll be able to manage your customers and their payment accounts. You can create customer payment accounts and create payments for your customers.
When you create a payment, you can set up a customer payment account for the payment. This lets you set up a recurring billing account for the customer’s future payments. Then, you can create the payment transaction with the customer’s name, payment amount, and payment date. You can view, create, and update payments in the customer and payment tabs in the account register. You can also view, create, update, and delete account registers (including bills, invoices, and payments) in the register.
Create a Recurring Billing Record
When you set up a payment account, you’ll be prompted to create a billing record. Select the “Billing account” option to create this record. In this record, you’ll need to select the payment account you want to use for this transaction. From the payment account you selected, you’ll be able to view the billing cycle for this account. You can select one of these billing cycles: Daily, weekly, monthly, quarterly, or annual. From the billing cycle you select, you’ll be able to view the following:
Track your payments
You can track payments from the register transactions tab. From this tab, select transactions and select the “Move to register” option. This will move the transaction to the register. Then, from the register tab, select the “Transaction register” option. This will show you the details of the transaction. You can also use the register transaction details to find payments.
From the “Show all transactions” dropdown, select “My payments” and then select the payment you want to see. The “Find” tool in QuickBooks will let you search for payments based on the transaction details. You can also use the register transaction details to find payments. From the “Show all transactions” dropdown, select “My payments” and then select the payment you want to see. The “Find” tool in QuickBooks will let you search for payments based on the transaction details.
Tips for managing recurring payments in QuickBooks Payments
– When a customer sets up a recurring payment, you can view and manage the payment, transaction history, and payment details, including when the payment date is due. You can also create and edit recurring payments in the register.
– Create customer payment accounts with different payment frequencies to serve your different customers.
– Create a customer payment policy to set the frequency, payment amount, and payment due date.
– Create a budget to determine how much you want to spend on each type of service or product. This will help you estimate your financial impact. Then, use this budget for your recurring billing.
– Be sure to update your customer payment accounts and your customer payment policies when necessary. This lets you adjust the amount, frequency, and due date of your payments.
– Set up a payment by phone and then track the payment by selecting the “Track payment” option in the register.
Monitor your transactions and bank account
For each payment, QuickBooks will show you the transaction details, from the date and amount to the payee name and payer account number. You can also track your bank account and credit card transactions with the payment details. You can view the credit card transaction details to see when the card transaction has been approved and when it will be posted to the account. You can also access your credit card account online using Intuit’s online banking service. You can also use the online banking service to view your debit card transactions.
If you sell your goods or services through a third-party provider such as an e-commerce website, market place, subscription service or app, you might receive payments on a regular basis. These types of transactions are referred to as recurring payments and can be a hassle for some businesses. With QuickBooks Payments, small businesses can manage recurring payments effortlessly.